Nordic Capital Fund IX (“Nordic Capital”) and Sampo plc (“Sampo”) have together signed an agreement to acquire 17.47% of the shares in Norwegian Finans Holding ASA (“NOFI”) from Norwegian Air Shuttle ASA for a total value of NOK 2,218 mn (EUR 223 mn). Nordic Capital and Sampo have great sector expertise in financial services and have joined forces to realise an attractive investment opportunity and support NOFI’s further development as committed and active owners.
Established in 2007 and operating from a centralised platform in Oslo, NOFI is a fully digital bank that provides simple and competitive products to the retail customer market with a strong offering in personal loans, credit cards and savings. NOFI has more than 1.6 million customers and 84 employees based in Norway. NOFI was listed on Oslo Børs in 2016 and currently has a market capitalisation of approximately NOK 11 bn (based on the last price paid for the NOFI share on August 16, 2019).
Nordic Capital1) is one of the longest established and most active private equity investors in the Nordic region, investing in three core sectors comprising Healthcare, Technology & Payments and Financial Services. Nordic Capital has a strong track record from investments in the financial services sector, including Intrum, Nordax, Nordnet and Resurs Bank.
“Nordic Capital and Sampo have extensive experience and a strong track record in the financial services sector in the Nordic region and sees NOFI as an interesting company with strong growth potential. We look forward to becoming committed shareholders and support the company to become a leading pan-European financial institution, together with Norwegian Air Shuttle and their customer loyalty program, Norwegian Reward”, says Christian Frick, Partner and Head of Financial Services, Nordic Capital Advisors.
Completion of the acquisition will occur in two tranches, 9.97% with expected settlement on or around August 26, 2019, and the remaining 7.50%, which is subject to approval by the Norwegian Financial Supervisory Authority, will be acquired once regulatory approval has been obtained. Nordic Capital and Sampo expect to hold around 64% and 36%, respectively, of the joint shareholding.
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
1) Nordic Capital refers to Nordic Capital Fund IX and any, or all, of its predecessor and/or successor funds or vehicles depending on the context.
About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrial Goods & Services and Consumer. Key investment regions are the Nordics, Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 14 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds and vehicles are based in Jersey. They are advised by several advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which is referred to as the “Nordic Capital Advisors”. For further information about Nordic Capital, please visit www.nordiccapital.com